Responses to classmates’ posts comprising at least 150 words supporting, challenging, clarifying, or adding to the existing information.

Responses to classmates’ posts comprising at least 150 words supporting, challenging, clarifying, or adding to the existing information.

First:

My Managerial Economics class was eye-opening. I have a deep understanding of economics and how it applies to nursing. I learned about economic analysis, market types, and pricing elasticity. I also appreciate the game theory and its applicability to nursing. Understanding player behavior in different game scenarios has helped me make informed decisions as a nurse that benefit my patients and my company (Alam et al., 2021). I now understand how incentives and disincentives affect my decisions. I also studied how external factors affect a firm’s profitability and competitiveness. This knowledge has helped me improve my decisions and maximize advantages for my patients, organization, and myself.

This course helped me make decisions as a nurse. I use demand and elasticity to price my services. This lets me price my services competitively while making a profit. Game theory has helped me maximize patient outcomes by understanding my relationships with other healthcare practitioners. I interact with other healthcare practitioners to offer the greatest care for my patients, so this has been extremely beneficial. This training also helped me grasp healthcare economics and how they affect my daily practice. This helps me consider market forces and how they may affect my company’s performance. The education helped me as a nurse. I make decisions with limited resources in my job. This training taught me how to make market-based, economic-based decisions (Molina-Mula & Gallo-Estrada, 2020). I now understand how to evaluate costs and benefits and pricing schemes. This has enabled me to maximize benefits for my patients, the organization, and myself.

This course taught me about oligopoly and nursing. I learned that an oligopoly is a market structure where a few enterprises control prices. I now understand that my organization must perceive and comprehend the competitive climate to make the best decisions to stay competitive. This involves studying competitor strategies and how they affect the market (Alam et al., 2021). I also comprehend strategic thinking’s role in competitive advantage. This means predicting and responding to competing strategies and using the market structure and flexibility to my advantage when making judgments. The course also made me realize how important external factors are when making decisions. Understanding how external factors affect a firm’s profitability and competitiveness is now clear to me. This involves knowing how economic forces like inflation and recession affect politics and law. I also grasp how market structure and flexibility can help me make decisions. This involves understanding how different pricing methods might maximize revenues and the effects of charging different customers varying costs. This understanding has improved my nursing judgments.

Finally, understanding the economy is crucial to making the best selections. I now understand how economic factors might influence my decisions. Understanding inflation, recession, and political and legal changes are part of this. I also appreciate the need to understand the incentives and disincentives of our actions to make the best ones. This involves understanding how different pricing methods might maximize revenues and the effects of charging different customers varying costs (Ganin et al., 2020). I now understand that my organization must perceive and comprehend the competitive climate to make the best decisions to stay competitive. This involves studying competitor strategies and how they affect the market. This understanding has improved my nursing judgments.

Second:

Managerial economics is a critical aspect of any profession. As we learned in Chapter One, decision-making under scarce resources is the fundamental aspect of managerial economics. As a nurse leader, it is important to consider the various aspects that lead to making effective decisions. For instance, it is imperative to set goals and identify the constraints that could hamper the achievement of those goals. additionally, when making investment decisions, other critical elements such as the time value of money should be accounted for (Baye & Prince, 2017). Time value of money is a critical concept in economics and management, and it is one of the elements that I will ensure to focus much on as a nurse leader, especially when considering different investments to address the high cost of care.

Cost is one of the aspects that is currently focused on in healthcare. The cost of access to care and care delivery are both high (Bartsch et al., 2020). As a result, the healthcare system is seeping a lot of taxpayer money without significant changes in the quality of healthcare delivered. Drawing from the concepts of cost minimization rule and the roles managers play in the production process, I will use my knowledge and skill from this course to advance cost-effective measures in healthcare to address the issue of the high cost of care. High cost of care leads to overall low quality of life, and subsequent complications such as high mortality rates (Bartsch et al., 2020). With my knowledge of cost minimization, I am confident that I will be a positive force in the efforts to develop mitigation measures for access to high-quality and cost-effective care.

Week 6 was also fundamental in advancing my understanding of the different market structures and how firms in each structure can maximize their profits. There are three primary market structures discussed this week: the competitive, monopolistic, and monopolistically competitive markets. Compared to the other two, firms in a competitive market generate zero returns in the long term. This market structure is more hypothetical than real, considering that very limited real-life markets have all the conditions to facilitate the sustainability of a perfectly competitive market (Baye & Prince, 2017). The model of monopolistic competition suits the behavior of the United States healthcare sector. That is because, in terms of profit maximization and cost of care, firms can explore product differentiation for the services and products that customers do not bear the full costs of care.